Three aspects to understand the difference between A shares, US stocks, and Hong Kong stocks

This article understands the differences between A shares, U.S. stocks, and Hong Kong stocks from three aspects:

01· Definition · Definition · Layer · Surface ·
 1 A-share refers to ordinary shares in RMB, which are issued by domestic companies in China, and subscribed and traded by domestic institutions, organizations or individuals.
 2 Hong Kong stocks refer to stocks listed on the Hong Kong Stock Exchange. In comparison, the Hong Kong stock market is more mature and rational than A shares. If my country's stocks are listed in China and Hong Kong at the same time, forming an "A+H" model, then the trend of A shares can be predicted according to its situation in the Hong Kong stock market. .
 3 U.S. stocks, the U.S. stock market. The most significant time difference between U.S. stocks and A-shares is that U.S. stocks do not close at noon.

02 · Transaction · Easy · Time · Time ·
 1 As far as the trading time is concerned, the call auction time and the continuous auction time of the A-share trading day are 9:15-9:25 and 9:30-11:30 respectively. In the afternoon, there are certain The difference is that the continuous bidding time for the former and the latter is 13:00-15:00 and 13:00-14:57 respectively, and the Shenzhen Stock Exchange will reserve 3 minutes as the call auction time at the end.
 2 The call auction time for Hong Kong stocks is 9:00-9:30, the continuous auction time is 9:30-12:00, 13:00-16:00, and 16:00-16:10 is also the call auction time. Of course, this is an inlandized appellation.
 3 U.S. stock trading is mainly divided according to summer and winter time. The trading time of summer time is from 21:30 pm Beijing time to 4:00 am the next day, and winter time is delayed by one hour.
03 · Trading · Easy · System · Degree ·
As far as the trading time limit is concerned, A-share trading is mainly in the form of T+1, that is to say, if you buy a stock today, you must wait until the second trading day to continue trading. The Hong Kong stock and US stock trading implement T+0, which means that you buy a stock, but you can buy and sell it at will on the same trading day.
As far as the settlement system is concerned, T+1 is implemented for A shares, T+2 is implemented for Hong Kong stocks, and T+3 is implemented for US stocks. That is to say, before settlement and delivery, Hong Kong stocks and US stocks can make more full use of funds and stocks for repeated transactions.
As far as the price limit is concerned, the highest and lowest price limit for A shares is 10%, but Hong Kong stocks and U.S. stocks have no such system restrictions.
However, Hong Kong stocks implement a "cooling-off system", that is, for constituent stocks of the Hang Seng Index and Hang Seng China Enterprises Index, if the stock price fluctuates by more than 10%, there will be a cooling-off period of 5 minutes. trade. In fact, as far as this system is concerned, A shares can limit the risk of excessive market volatility to a certain extent.
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